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The SEP IRA is a popular retirement account, and those who have the option for a SEP IRA may also be considering a 401(k) or a Roth IRA account. Here are some of the key differences:
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
Investing through an individual retirement account (IRA) or 401(k) can provide larger gains. For instance, a portfolio invested in the S&P 500 index has provided an average annual return of 10% ...
The main benefit of a Keogh plan versus other retirement plans is that a Keogh plan has higher contribution limits for some individuals. For 2011, employees can generally contribute up to $16,500 per year, and the employer can contribute up to $32,500, for a total annual contribution of $49,000.
Bottom line. Choosing between a lump sum or an annuity for your pension is a major decision. Carefully consider your options, seek professional advice and create a comprehensive retirement plan ...
Nuts and bolts of RMDs. The amount you are required to withdraw is calculated by dividing your tax-deferred retirement account balance as of Dec. 31 of the preceding year by a life expectancy ...
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